Gazprom divests Austrian and Italian gas trading units to Dubai-based investment firm

Gazprom has sold its Austrian and Italian gas trading subsidiaries to Dubai-based investment firm EGH Gulf, established less than a year ago, Bloomberg reported on February 6, citing corporate filings.

EGH Gulf acquired Vienna-based Centrex Europe Energy & Gas AG, including its Italian division, in January this year. Last month, Centrex Italia confirmed the change of ownership, stating that the new shareholder had secured the support of an experienced professional team, Bloomberg said.

The transaction follows the ending of Russian gas supplies via Ukraine at the start of this year and an arbitration ruling requiring Gazprom to pay Austria’s state-owned OMV €230mn ($238mn) in compensation for shortfalls in deliveries to Germany in 2022. OMV sought to offset the awarded amount against its invoices to Gazprom for gas supply to Austria, but Gazprom responded by cutting off supply.

Until Russian gas transit ended completely at the start of 2025, flow to Austria remained largely unaffected by the cut-off in deliveries to OMV. This was likely because Gazprom sold volumes that were previously delivered to OMV on European spot markets instead.

Gazprom and OMV had two contracts, for gas transport to Austria and Germany. Deliveries under the German contract were halted in autumn 2022, after the shutdown and subsequent sabotage of the Nord Stream pipeline, while Austrian supplies initially faced shortages but were stabilised in 2023.

Centrex is a participant in Austria’s Central European Gas Hub (CEGH), formerly Baumgarten. According to company filings, it generated €817mn in revenue and €16mn in profit in 2023. In 2022 and 2023, Centrex paid Gazprom Export a total of €135mn in dividends, reducing retained earnings after having not distributed dividends for at least five years.

Centrex is also listed under the US Treasury’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) List. The company’s 2023 report indicated that its Italian division faced difficulties owing to its affiliation with Gazprom. While EU sanctions do not explicitly prohibit Russian gas trading, Centrex has encountered operational restrictions, including a lack of credit lines from banks, limited access to key European markets due to a shrinking pool of counterparties and restricted IT services.

EGH Gulf, headquartered in Dubai Silicon Oasis, an economic zone offering favourable tax and operational conditions, was established in March last year. The company specialises in energy trading and production.